Globe sells telecoms towers for P20 billion

September 27, 2022 - 10:12 AM
A newly constructed Globe Telecoms tower is seen in Imus, Cavite, in Philippines, August 8, 2018. (Reuters/Erik De Castro)

 Philippines‘ Globe Telecom Inc GLO.PS said on Tuesday it has signed a deal to sell more than a thousand telecoms towers for 20 billion pesos ($340 million) to fund expansion and pay off maturing debts.

In a disclosure, Globe said it will sell 1,350 towers located in central and southern Philippines, and will lease them back from Phil-Tower Consortium. Globe has so far sold a total of 7,059 towers, raising 91 billion pesos as it unloads passive assets.

($1 = 58.82 Philippine pesos)

—Reporting by Neil Jerome Morales; Editing by Kanupriya Kapoor